MobiKwik aims to make profits by April 2018, increases offline presence


Posted September 7, 2016 by vasudharsingh

MobiKwik plans to to collate users' transaction history and draw credit profiles, as it expects to grow user base from 32 million presently to 150 million in two years.

 
Gurgaon-based mobile payments network MobiKwik aims to become profitable by April 2018, as it pivots its business strategy to increase presence in the offline space, a senior company official said. “We expect to become profitable by 2018 and continue to expand financial offerings to help meet this goal,” MobiKwik co-founder Upasana Taku told. “Currently, 25% of our business comes from offline businesses, while 75% is online. In the next few years, we aim to reverse this, with 75% of our business coming from offline,” she added.

In this respect, the company has been diversifying into services like micro-lending, mobile payments in brick-and-mortar stores, and most recently, bus ticket booking. It expects to capture the lead position in the bus tickets booking space by the year-end, Taku said. “MobiKwik is offering partial payment for ticket reservation and cash pick up for bus tickets booking. We are doing 4,000 bookings a day and target 25,000 daily bus bookings by December 2016,” she added. The payment network is also partnering several non-banking finance companies (NBFCs) to offer micro-loans to users, as well as other offerings like mutual funds.

Further, it plans to collate users’ transaction history and draw credit profiles, as it expects to grow user base from 32 million presently to 150 million in two years. The payments company is looking to onboard 5 lakh offline merchants in the next two years from 1 lakh currently, Taku said. So far, it has tied up with offline merchants like Big Bazaar, Domino’s Pizza, PVR, Burger King, Pizza Hut, Van Heusen and Allen Solly, among others. Its online merchants include IRCTC, Uber, Meru, Oyo, Zomato, Myntra , ShopClues, MakeMyTrip and Cleartrip. Last week, MobiKwik secured funding from South Africa’s Net1, which announced that it will infuse USD 40 million (nearly Rs 268 crore) into the company.

Source: http://www.bgr.in/news/mobikwik-aims-to-make-profits-by-april-2018-increases-offline-presence/
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Website MobiKwik
Phone 946-644-6644
Business Address 2nd Floor, Orchid Centre Golf Course Road, Sector 53 Gurgaon, Haryana 122002. India
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Tags mobikwik , online payment
Last Updated September 7, 2016